08:27 AM EDT, 10/18/2024 (MT Newswires) -- (Updates with 2024 profit guidance withdrawal in the headline and fifth paragraph, and stock move in the sixth paragraph.)

CVS Health ( CVS ) said Friday it has named Executive Vice and CVS Caremark President David Joyner as president and chief executive officer, starting Oct. 17.

Joyner was also appointed to the company's board of directors. Joyner is succeeding Karen Lynch, who has decided to step down "in agreement" with the company's board, CVS Health ( CVS ) said.

In addition, CVS Health ( CVS ) said the current Chairman of the board Roger Farah was named Executive Chairman.

The company also said it expects Q3 adjusted EPS of $1.05 to $1.10. CVS Health ( CVS ) said its Q3 results include charges to record premium deficiency reserves of around $1.1 billion that lowered its Q3 adjusted EPS by $0.63. Analysts surveyed by Capital IQ expect $1.70.

CVS Health ( CVS ) added that its previously provided guidance on its Q2 earnings call on Aug. 7 should no longer be relied on amid the "continued elevated medical cost pressures in the Health Care Benefits segment." On Aug. 7, the company provided a full-year 2024 adjusted EPS guidance range of $6.40 to $6.65, according to a Capital IQ transcript.

CVS Health ( CVS ) shares were down over 11% in recent premarket activity.

Price: 56.50, Change: -7.17, Percent Change: -11.26